CyPhy Works, a Danvers, Massachusetts-based drone startup, raised $22m in Series B funding.
The round was led by Bessemer Venture Partners with participation from Motorola Venture Solutions, UPS Strategic Enterprise Fund, Draper Nexus, Lux Capital and General Catalyst Partners. In conjunction with the funding, Felda Hardymon, a partner at Bessemer Venture Partners, joined CyPhy Works’ board of directors.
The company, which had raised $7M in a funding round led by Lux Capital in September 2013, intends to use the funds to launch its tethered Persistent Aerial Reconnaissance and Communications (PARC) vehicle system and hire in the engineering, sales, marketing, and customer support functions.
Led by Helen Greiner, Founder and CEO, CyPhy Works develops drones for large industries such as defense, oil and gas, agriculture, entertainment, law enforcement, and mining.
FinSMEs
13/10/2015